MARKET WRAP: Sensex zooms 237 pts, Nifty holds 12,100; metals gain

All that happened in the markets today

12:22 PM

Nifty sectoral indices at this hour

12:17 PM

BROKERAGE RADAR :: Reliance Securities on Mahanagar Gas

We expect the APM gas prices likely will be revised downward by ~US$1/mmbtu from 1HFY21E onwards, while lower spot LNG prices will result in improvement in EBITDA/scm to Rs10 for FY21E (vs Rs 9.4 old assumption). We have revised our estimate for FY21E/FY22E in light of lower cost of gas. The stock has rallied 12% YTD, which is already factoring higher EBITDA/scm for FY21E. As it would be rather a challenge for MAHGL to sustain volume growth in the excess of 6%, we have maintained volume growth assumption at 3.5% for FY20/FY21E. Further, as the Company has not won any new GA, we do not envisage any incremental volume growth. Fall in run rate of vehicle conversion and worst car density in Mumbai (news) will lead to mere 3% CNG volume growth in FY19-FY22E. MAHGL is trading as a consumer play (FY20 P/E of 14x) despite its matured business profile.

Further, we expect MAHGL’s RoCE/RoE to fall from 28%/29% in FY20E to 23%/24% in FY22E, as it is unlikely to sustain consistent growth in EBITDA and PAT over the next 3 years (FY19- FY22E). We maintain our REDUCE recommendation on the stock with an upwardly revised DCF-based Target Price of Rs1,045 (From Rs 956 earlier).

12:12 PM

BROKERAGE RADAR :: Reliance Securities on GAIL

We believe hiving off of the pipeline business will take more than a year, which would be the key overhang for the stock. We expect GAIL’s earnings to clock just 10% CAGR over the next 3 years. We expect the Company to witness a strong FCF generation of Rs115bn over FY20-FY22E. The stock provides high earnings visibility and healthy RoE/RoCE of 12%/13% over the next 3 years. At CMP, the stock trades at 6.1x of FY21E EBITDA, which is at discount to its long-term average of 7.4x (over the last 5 years). We maintain our BUY recommendation on the stock with a DCF- based Target Price of Rs154.

12:06 PM

Delhi election result update: Party-wise vote-percentage, according to Election Commission

12:04 PM

MARKET UPDATE:: Sensex off day's high

12:03 PM

Maruti Suzuki at day's high, up over 2%

11:57 AM

MARKET UPDATE:: Broader markets underperform

11:54 AM

GAIL gains 5% post Q3 results

11:43 AM

Wockhardt hits over 7-month high; stock zooms 63% in one month

Till 11:00 am, a combined 3.67 million shares, representing 3.3 per cent of total equity, of Wockhardt have changed hands on the NSE and BSE.

 

In the past one month, the stock of the pharmaceutical company has zoomed 63 per cent, as compared to a 0.58 per cent rise in the S&P BSE Sensex. READ MORE

11:31 AM

STOCK UPDATE:: Unitech hits 52-week high; stock zooms 162% in one month from Rs 0.95 to Rs 2.49 on the BSE

11:27 AM

Welspun Corp zooms 4%

11:19 AM

NEWS ALERT | Strategic sale of SAIL's 3 units delayed: sources to CNBC TV18

>> Draft EoI for CONCOR under final stages

11:15 AM

Avenue Supermarts, Bajaj Finance: QIP-related stocks outperform markets

Investors who subscribed to qualified institutional placement (QIP) issues have recorded a handsome return due to a run-up in market price of the stocks. A sharp recovery in equity markets has seen 9 out of 12 companies that raised money via the QIP route in past six months (since August 2019) outperforms the market by surging up to 34 per cent against their issue price. READ MORE

11:09 AM

NEWS ALERT | Tax dispute settlement scheme may bring windfall gain of Rs 40,000 cr: sources to CNBC TV18

>> Corporates approach Tax dept to settle legacy disputes under 'Sabka Vishwas' scheme

>> Over 1.89 lakh taxpayers applied under the scheme 

>> Majority tax payers have committed to dispute settlement

Alert : Sabka Vishwas scheme was pitched during Budget 2020

        : Scheme for 1-time settlement of indirect tax dispute resolution

11:02 AM

BUZZING STOCK:: Bajaj Finance hits fresh all-time high of Rs 4,779.20